The announcement of a Trump-branded crypto wallet has been labelled โabsolute chaosโ as a business linked to the Trumps said it would launch a wallet only to have US President Donald Trumpโs sons distance the family from it.
The non-fungible token marketplace Magic Eden and the team behind the presidentโs memecoin, Official Trump (TRUMP), both said on June 3 that they were linking up to launch โthe Official $TRUMP Wallet.โ
However, Donald Trump Jr. said that the Trump Organization, which oversees Trumpโs sprawling real estate and business interests, โhas zero involvement with this wallet productโ and that he knows โnothing about it.โ
He added the familyโs crypto platform, World Liberty Financial, โwill be launching our official wallet soon.โ
Eric Trump said the wallet โis not authorized by Trumpโ and warned Magic Eden to โbe extremely careful using our name in a project that has not been approved and is unknown to anyone in our organization.โ
Trumpโs youngest son, Barron Trump, even made his first-ever X post to say the family โhas zero involvement with this wallet.โ
Crypto skeptic Molly White, who first reported on the wallet, called the saga โabsolute chaosโ and speculated there is a breakdown in communication between the various crypto-related Trump-linked businesses.
The TRUMP token team, Magic Eden and the platformโs CEO, Jack Lu โ who also posted about the walletย โ have not publicly made a statement on the matter.
Trumpโs crypto empire factions
The Trump Wallet website describes it as the โOfficial $TRUMP Wallet by President Trumpโ and says that โMagic Eden partnered with GetTrumpMemes.comโ for its upcoming launch.
GetTrumpMemes.com is owned by Fight Fight Fight LLC, which is co-owned by a company affiliated with the Trump Organization called CIC Digital LLC โ the two firms together own a majority of the TRUMP token supply.
American businessman Bill Zanker is listed on documents for Fight Fight Fight LLC and also holds a substantial quantity of Trump tokens through CIC Digital. Zanker is part of the team that helped launch the TRUMP memecoin, various Trump-backed NFT collections, and is working on a Monopoly-style game blending gaming and crypto elements.ย
This isnโt the first time there has been confusion over crypto ventures bearing the Trump name.ย
Related: Trump crypto dinner guest describes โworst foodโ ever and โbullshitโ speech
Trump Media and Technology Group, the company behind President Trumpโs social media platform Truth Social, initially denied a May 26 report by the Financial Times, which claimed it was raising $3 billion in a mix of equity and convertible bonds to buy Bitcoin and other crypto.ย
The company backflipped only a day later and confirmed a $2.5 billion capital raise to purchase Bitcoin through a $1.5 billion stock sale and a $1 billion convertible senior secured bonds.
Magazine: Trumpโs crypto ventures raise conflict of interest, insider trading questions
